Alibaba Partners with JPMorgan to Launch Tokenized B2B Payments Network
Alibaba is poised to revolutionize global B2B payments through a collaboration with JPMorgan's blockchain division. The e-commerce giant plans to debut a tokenized payment network by December, targeting inefficiencies in cross-border transactions—slow processing times, high fees, and multi-currency delays. The system will leverage tokenized USD and EUR deposits, functioning similarly to stablecoins but with direct bank backing.
Kuo Zhang, president of Alibaba.com, emphasized the urgency of redesigning global trade with AI-driven solutions. The initiative includes Agentic Pay, an AI-powered payment rail that converts buyer-supplier negotiations into binding contracts automatically. JPMorgan's Kinaxis platform, already processing $2 billion daily in tokenized transactions, will serve as the infrastructure backbone.